Financial Literacy Curriculum Research Articles

Investigating Canadian Radiology Residents' Personal Financial Literacy: A Nation-Wide Assessment.

Purpose: Canadian resident physicians carry large debt to finance their education, which impacts their wellness and their future decision making. The objective of this observational study is to assess the financial literacy of Canadian radiology residents through testing their financial knowledge and examining their current financial status. Methods: A survey was designed to assess the financial literacy and current financial status of radiology residents, which was distributed to Canadian radiology residents via Google Forms. Descriptive analyses on preliminary data and the association between level of training and financial quiz scores were obtained. Results: 104 valid responses from 16 universities were received. The majority (53%) of residents indicated that their debt was greater than $150 000. Residents on average scored 71% on the financial quiz and the scores were not associated with training level (P = .71). The majority (89%) of residents indicated a strong interest in a formal financial literacy curriculum, with 80% preferring a physician-led curriculum. Conclusion: Overall, residents face a high debt burden. Current resident physicians value a formal financial literacy curriculum as a part of their residency program despite existing financial knowledge. Most importantly, residents feel that a curriculum created with involvement of other physicians would be optimal.

A design approach for financial literacy curriculum targeting smallholders in Papua New Guinea

ABSTRACT Agricultural extension plays a vital role in closing the capacity gaps of smallholder farmers throughout low- and middle-income countries, and there is an increasing interest to improve extension outcomes due to its central role in improving livelihood outcomes. Central to this interest is widening the scope of extension content to cover essential agribusiness skills, which, due to the challenges in breaking down this nuanced content into culturally appropriate content and delivery, have been largely absent from agricultural extension. This research details an approach used in Papua New Guinea to develop a series of learner- and problem-centred coursebooks to assist smallholder farmers to overcome the dominant agribusiness challenge facing smallholders throughout the world – accessing finance. The coursebooks were designed from ‘the space between’, an emerging perspective of community membership where deep content knowledge and anthropological insights of the learning culture combine to envision new ways for nuanced content to be culturally placed. The approach detailed in this research can serve as an important reference to other practitioners working to design extension curricula for agribusiness skills within agricultural extension.

The Case for Needed Financial Literacy Curriculum During Resident Education

Personal physician finance is an overlooked source of stress that negatively impacts resident wellbeing with formal financial education often left out of medical training. This study attempts to (1) evaluate the perceptions of financial literacy, (2) determine the level of financial education incorporated across residency programs, and (3) evaluate the resources that residents utilize to obtain information about managing their personal finances. A systematic literature search of articles published between January 2012 to January 2022, in the MEDLINE, EMBASE, and Cochrane databases was performed during February 2022]. The combination of search terms included: (financial literacy OR debt) AND (residency OR graduate medical education). The primary outcome measures included the perception of financial literacy during residency and the type of financial education incorporated during residency. Secondary outcomes included resources utilized to obtain financial education. Twenty-three studies evaluating a total of 5146 residents were included in this systematic review. The 42% to 79% of residents responded in surveys that they had "below average" understanding of finance, investing, and savings and that they felt unprepared to handle future financial decisions. 79% to 95% of respondents agreed that personal finance should be taught during residency training. The included studies also demonstrate that residents seek education through personal research, through a family member, or through attending outside financial planning seminars or courses. This study demonstrates that the majority of residents feel underprepared when making financial decisions and that formal financial education should be incorporated during their residency training. Educating residents can help mitigate financial stress which can improve physician well-being, reduce attrition, and result in better patient care. IV.

Financial literacy in the digital age—A research agenda

AbstractDigital innovations are transforming financial services and resulting changes in consumer behavior and personal money management. Diffusion of pervasive digital technologies offers individuals quick and easy access to various digital services bringing opportunities and challenges into their personal money management. The study aimed to explore how digitalization affects individuals' financial literacy and financial capability. As a result, we identified three main themes in the intersection of finance and digitalization: Fintech, Financial behavior in digital environments, and Behavioral interventions. We propose directions for measuring digital financial literacy, updates to the financial literacy curriculum, and developments of digital learning tools. Further, we highlight collaboration between the public and private sectors to create a fairer and more inclusive economic landscape. Our study contributes to existing research by proposing a framework for digital financial literacy and financial capability and a research agenda for future studies.

Resident Depression and Burnout During the COVID-19 Pandemic: A Survey of Canadian Laboratory Medicine Trainees.

Resident physicians face a higher rate of burnout and depression than the general population. Few studies have examined burnout and depression in Canadian laboratory medicine residents, and none during the COVID-19 pandemic. To identify the prevalence of burnout and depression, contributing factors, and the impact of COVID-19 in this population. An electronic survey was distributed to Canadian laboratory medicine residents. Burnout was assessed using the Oldenburg Burnout Inventory. Depression was assessed using the Patient Health Questionnaire 9. Seventy-nine responses were collected. The prevalence of burnout was 63% (50 of 79). The prevalence of depression was 47% (37 of 79). Modifiable factors significantly associated with burnout included career dissatisfaction, below average academic performance, lack of time off for illness, stress related to finances, lack of a peer or staff physician mentor, and a high level of fatigue. Modifiable factors significantly associated with depression further included a lack of access to wellness resources, lack of time off for leisure, and fewer hours of sleep. Fifty-five percent (41 of 74) of participants reported direct impacts to their personal circumstances by the COVID-19 pandemic. Burnout and depression are significant issues affecting Canadian laboratory medicine residents. As the COVID-19 pandemic continues, we recommend the institution of flexible work arrangements, protected time off for illness and leisure, ongoing evaluation of career satisfaction, formal and informal wellness programming with trainee input, formal mentorship programming, and a financial literacy curriculum as measures to improve trainee wellness.

Is It Necessary to Launch a School-Based Financial Literacy Curriculum? Evidence From China.

As starting university is a critical independence milestone for many young people, it would also be the best time to provide them with some financial education (FE). Although there have been many initiatives aimed at enhancing individual financial literacy (FL) and/or financial decision-making, meta-analyses have shown that the effectiveness of FE has been mixed. This study examined the driving forces behind the decision by college students to enroll in a targeted financial literacy curriculum (FLC) and the impact of this attendance on their FL. An endogenous switching model (ESM) was employed to account for the heterogeneity in the decision to attend or not attend the FLC and to counteract any unobservable characteristics. It was found that students with higher self-perceived FL did not prefer to attend the FLC; however, for others, FLC attendance was found to significantly boost their FL in areas such as financial knowledge (FK), financial attitude (FA), and financial behavior (FB), especially for the non-attendees under the counterfactual framework. These “non-attendees” were observed to have some characteristics (e.g., prior knowledge) that made them more financially literate regardless of attendance; however, if they had attended the FLC, they would have gained a greater FL than the attendees. As the FL of the attendees would have been much lower if they had not attended, the FLC appeared to be particularly important for the attendees, which strengthened the case for making the FLC a compulsory part of a general college education.

Medical University of South Carolina College of Medicine.

Medical University of South Carolina College of Medicine.

School Banding Effects on Student Financial Literacy Acquisition in a Standardised Financial Literacy Curriculum

A standardised financial literacy curriculum ensures that all students in a school system receive financial knowledge, which offers them the necessary support to make informed decisions about money management and practise appropriate financial behaviour. In Hong Kong, all secondary schools supposed to teach financial literacy via a standardised curriculum. This study attempts to examine how this standardised financial literacy curriculum variably impacts students whose performance in academic-based examinations differ. We use an extended framework based on extensions of Hargreaves and Fullan (Professional capital: transforming teaching in every school. Teachers College Press, New York, 2012) theory of professional capital (human, social, decisional and emotional capital; Lee and Chiu 2017) to analyse the influence of school banding (academic differentiation by school) on student financial literacy. We surveyed 1306 students from 20 secondary schools. Structural equation modelling analysis demonstrated that exposure to the curriculum had only a weak positive effect on students’ financial literacy, and only for those from ‘band 3’ schools, which typically enrol students with the weakest academic performance. Based on examination of the results, we draw conclusions as to how students’ professional capital is differentiated by school banding.

From Economic Abuse to Economic Empowerment: Piloting a Financial Literacy Curriculum With Women Who Have Experienced Domestic and Family Violence

Economic abuse as a form of men’s violence against women has only been recently recognized as a form of violence in its own right. It is known to further exacerbate the detrimental long-term impacts of domestic and family violence on women and children. There is evidence to suggest the effectiveness of financial literacy programs in mitigating some of these impacts and improving women’s financial well-being in the longer term; however, there are very few domestic violence–informed, empirically evaluated programs internationally. This article reports the findings of a specialist domestic violence financial literacy curriculum, which was developed and piloted in Western Australia using pre–post measures and focus groups. These findings suggest that such financial literacy programs delivered in refuge settings have effective short-term outcomes among women. Lessons learned from the pilot and the implications for future implementation and scaling up of programs and research are also discussed.

Pre-Service Teachers’ Perception of Financial Literacy Curriculum: National Standards, Universal Design, and Cultural Responsiveness

For youth with disabilities, the economic challenges of adulthood pose substantial risks. While the need for financial skills to navigate the economic climate is critical, access to financial education presents many challenges. High school is the optimal time for students with disabilities to access financial education; however, contact is limited. One factor in this limited access may be linked to special educators’ lack of knowledge of financial literacy curricula as such resources are typically not part of their teacher preparation. Using a rubric developed by Henning and Johnston-Rodriguez, preservice teachers evaluated five examples of relevant financial literacy curricula: Financial Fitness for Life, Practical Money Skills, Finance in the Classroom, Money Talks 4 Teens, and Money Smart for Young Adults. Preservice teachers found one curriculum to be most comprehensive in teaching standards-based financial literacy concepts relevant to students with special needs as well as principles of universal design and cultural responsiveness. Each of the other curricula was found to have merit in some respects, suggesting an eclectic approach of mixing some of the curricula depending on teacher and student goals.

Evaluating financial literacy curriculum for young adults with special needs: A review of content, universal design for learning, and culturally responsive curriculum principles

Acquiring financial literacy presents many unique challenges for young adults with disabilities. Although financial literacy can and should be taught throughout the lifespan, this review examines the curriculum accessible to students with high incidence disabilities who are 14–21 years old, when they are planning for transition from secondary school to the workforce/higher education. This review examines five examples of promising financial literacy curriculum: Financial Fitness for Life, Practical Money Skills, Finance in the Classroom, Money Talks 4 Teens, and Money Smart for Young Adults. The curricula are compared for their application of universal design and culturally responsive curriculum principles. Completed rubrics will be presented to evaluate those curricula based on standards-based financial literacy concepts particularly relevant to youth with special needs, principles of universal design, and culturally responsive curriculum.

FINANCIAL LITERACY, FINANCIAL EDUCATION AND STRATEGY

This article is a policy paper on the Strategy for Financial Literacy in India. Literacy is known to be different from education. While literacy seeks to equip you with facts, data and information, education calls for internalizing or putting into practice these facts, data and information. In India, the National Centre for Financial Literacy (NCFL) is a body which has taken the onus of measuring the level of financial literacy among school students. This institution seems to have done little towards the spread of financial literacy. Simply conducting financial literacy tests and measuring the level of financial literacy will lead us nowhere unless the appropriate infrastructure to disseminate financial knowledge is in place and its existence is made known to all. This literature proposes creation of a central repository of financial literacy material by the technical Sub-Committee of Financial Stability and Development Council (FSDC)1 on Financial Inclusion and Financial Literacy. The committee shall work towards its Vision of a Financially Aware and Empowered India by creating awareness about the need for financial literacy, establishing information distribution infrastructure, effectively launching a 24x7 financial hotline facility and implementing the said using tailor made information dissemination strategies. The literacy material of the sub-committee to focus on the primary pillars of financial education – compound interest, volatility management and consumption-saving trade-off while explaining various financial concepts. The FSDC has adequate representation in paper from the major financial markets and their respective regulators' head. In addition to the above, the article proposes to enlarge its vision by inclusion of representation from financial academicians. We also speak about introduction of financial literacy curriculum at the secondary and senior secondary level with intervention of the MHRD. Spread of financial literacy is a precursor to financial education which once achieved will lead India into the league of financially sophisticated economies relying heavily on paperless money, the benefits of which are known to all. The article is presented in three sub-parts – I: Introductory thoughts, II: National Strategy for Financial Literacy and Education - Vision, Mission, Goals, Strategic Action Plan and III: Action required to be taken and by whom.

A Randomized Controlled Trial of a Financial Literacy Curriculum for Survivors of Intimate Partner Violence

Financial literacy programs are quickly gaining in popularity around the globe. A relatively new target group is survivors of intimate partner violence (IPV), an economically vulnerable group for whom resource acquisition is related to personal safety and well-being. This study is a randomized controlled trial of a financial literacy curriculum designed for and delivered to a sample of 300 IPV survivors from 14 agencies in seven US states and Puerto Rico. Findings, based on difference-in-difference analyses and OLS regression models, indicate a strong effect of the curriculum on self-reported financial knowledge and behaviors and support the expansion of similar programs for survivors.

Implementing a Financial Management Curriculum With Survivors of IPV

There is a clear need for financial literacy programs specific to survivors of intimate partner violence (IPV), as the skills and knowledge acquired during these programs stand to increase survivors’ ability to achieve economic independence. In order to understand advocates’ experiences in providing a financial literacy program, this study reports the findings of a qualitative study among 19 domestic violence advocates across 10 states. Findings revealed that advocates expressed complexities in providing financial literacy to survivors. Furthermore, advocates discussed the ways in which they incorporated the financial literacy curriculum into their own financial management behaviors. These findings provide critical information in regard to best practice approaches to incorporating financial literacy into IPV services.

Integration of a Financial Literacy Curriculum in a High School Economics Class: Implications of Varying the Input Mix from an Experiment

We taught a mere seven‐period financial literacy curriculum to two 12th grade economics classes, where one treatment was Financial Fitness for Life® (FFFL)‐intensive and the other was “stock market learning” (SML)‐intensive. Two control groups received no financial literacy treatment—an 11th grade group with no exposure to economics and a 12th grade economics class. The 12th grade economics classes, i.e., the two treatment groups and one control group, also worked on identical stock market portfolio assignments that their teachers required independently of our curriculum. In a test of overall financial knowledge, the FFFL‐intensive group outscored both control groups and the SML‐intensive groups, even on questions that were not taught in our curriculum. We conclude that an FFFL‐intensive input mix was beneficial in directly adding to financial knowledge and also in terms of leading to spillovers in such knowledge.

Financial Literacy Education as Public Pedagogy for the Capitalist Debt Economy

Financial literacy education often appears as part of a solution to the individualization of economic risk, growing indebtedness, financialization and ongoing austerity. Using concepts from Marx, Žižek and Foucault, this paper analyses a number of prominent debt and investment television shows, arguing that these forms of entertainment work with financial literacy curriculum documents, editorials and speeches to form a public pedagogic dispositif that supports the creation of subjects ethically disposed to recreate the debt economy’s hierarchical relations and practices. In contrast to those who see financial literacy education as a tool for reducing debt and ameliorating financial and economic insecurity, I argue that financial literacy education is better seen as a technology that supports the production of an economic system that produces debt and financial and economic insecurity. To challenge the capitalist debt economy, the paper ends by calling for a critical public pedagogy to create the conditions in which all can be secure and realize their human capacities free from the constraints imposed by capital–conditions we owe others and ourselves a debt to continually recreate.

What Does Financial Literacy Training Teach Us?

The authors use data from a finance-related theme park to explore how financial education changes investment, financing, and consumer behavior. Students were assigned fictitious life situations and asked to create household budgets. Some students received a 19-hour financial literacy curriculum before going to the park, and some did not. After controlling for demographic variables, the authors show that the treatment effects of the financial literacy program are strong. Students were more frugal, delayed gratification, paid off debt faster, and relied less on credit financing after training. Students who attended training showed greater uptake of decision support that was offered in the park, which indicates that decision support and financial literacy training are complements, not substitutes.

A Review Of Howard Universitys Financial Literacy Curriculum

This article evaluates a financial literacy curriculum at the Howard University (HU) School of Business, by measuring the financial knowledge acquired after participating in a variety of programs. To evaluate the HU curriculum, the National Jump$tart Coalition (NJC) survey was administered to collect data on financial knowledge and demographic characteristics. Descriptive statistics and regression analysis were used to study the data. The results show that HU-Business students performance was comparable to Jump$tarts national average for college students and Business/Economics students. HU Business students scored higher than the Jump$tarts African American student sample. The regression analysis helped identity key factors that influence financial awareness for HU students including having checking account, electronic tax preparation, taking a course in personal finance or money management, GPA, and frequently balancing check book.

The Solution to the Financial Literacy Problem is to Educate the Young - Where are we Now?

Over the last two decades the need for a financially literate population has grown in importance. In Australia the introduction of a compulsory superannuation scheme in 1992 signaled to Australians that retirement needs would now need to be self funded rather than relying on government funded social security. Hence in Australia it is imperative that individuals possess both the financial knowledge and capability to make sound financial decisions. The whole issue of financial literacy has been compounded by the fact that consumers are now required to make decisions in relation to an ever increasing range of complex products and services. As a means to navigate through this financial maze, there is a consensus as to the importance and need for individuals to be financially literate. Both the government and the private sector have encouraged the development of financial education programs as an important tool in remedying the current financial literacy deficient reported in the results of all the several ANZ Surveys from 2003 to 2010. The Rudd Labor Government in an effort to centralize initiatives and to improve financial literacy programs transferred responsibility for financial literacy from the Financial Literacy Foundation to the Australian Securities and Investments Commission (ASIC). ASIC has strongly promoted the need to develop confident and informed consumers and investors by providing quality financial education. This focus was recently reiterated in the ASIC Report 229 in March 2011 setting out the strategy for the development and delivery of initiatives to improve financial literacy levels in Australia (ASIC, 2011).This National Financial Literacy Strategy focuses on education through established education and training pathways as the cornerstone of bringing about long-term generational change in financial knowledge, attitudes and behavior (ASIC, 2011). Accordingly the government has emphasized the need for financial literacy education to begin in schools through the use of the State Education Departments mandatory curriculum. In particular this National Strategy has been developed to improve the level of financial literacy among Australian students, with a focus on incorporating financial education through the existing school curriculum beginning in kindergarten and through to year 12 students. The USA through the efforts of the Jump$tart Coalition has possibly contributed to the most comprehensive long term study on students and financial literacy outcomes. The Jump$tart Coalition has been measuring financial literacy among High School Students since 1997 and has become one of the most widely referenced resources in understanding what young people know - and don’t know - about personal finance (Jump$tart Coalition, 2011). In recent reports the coalition has found a declining level of competency in respect of financial literacy despite an increase in emphasis and coverage of financial topics in school curriculums. The reports suggest a lack of motivation and relevance to the student’s current situation may provide a reason for this recent decline.The aim of this research paper is to compare the government’s financial literacy initiatives in schools in Australia to that undertaken in both the USA and to a limited extent in Europe. The paper reports on the outcomes of these programs and suggests possible reasons for their success or failure and discusses the varied approaches used in schools when it comes to financial literacy curriculum. The paper further reviews the results of surveys undertaken evaluating such programs and seeks to comment as to whether there is a measurable improvement in financial knowledge, attitudes and behavior directly related to imbedding financial literacy in school education curriculum.